There’s a reason that I’m a little bit excited every morning when my alarm goes off—and it’s not because I roll out of bed with a Mary Poppins outlook. No, one of the reasons I’m excited these days has to do with my relentless capitalistic urges, and I know that each day a new Groupon offer awaits me in my inbox.
If you’ve never heard of Groupon, check it out. It’s a new internet coupon company that’s taking 26 U.S. cities by the power of discount. Groupon operates by a concept its founders have dubbed “collective buying power”, and it’s rather simple-genius approach secured an additional $30 million in funding in its first year of operation.
Everyday there is potentially a new Groupon deal. One business offers a special discount promotion via Groupon’s daily email to its members. What’s actually up for sale is variable—spa treatments, restaurant discounts, classes, tastings, tours—anything and everything available in your local urban hub. But whether or not the daily Groupon goes through, all depends on you.
Groupon deals require a minimum number of buyers, and if enough people purchase the daily deal, the Groupon is on. Now, here is where the power of you really counts…if you want that Groupon deal to go through, you have the potential to make it happen. All you have to do is tweet, post, or email all of your friends about it to spread the word, and Groupon makes it very easy for you to shout from those digital parapets.
The discount that a daily Groupon offers is generally pretty fabulous, usually between 50 – 80 %. So, in order to make it worth it for local businesses, they need commitment in the form of numbers. And numbers they get. Local businesses see Groupon customers pour into their businesses typically by the thousands, and to them, that’s thousands of new customers they’d never met any other way. The potential that those Groupon customers become regular customers makes it worth the extravagant discounts offered.
Besides being fun and extremely clever, Groupon also has something else going for it—timing. In the midst of this economic lull, small businesses can give themselves a rejuvenating jolt of new business with a single coupon. That kind of momentum and energy drives financial life-force right into the heart of businesses and primes the pump for repeat visits and residual offers.
I’ll be honest. The reason I like Groupon is because I can get awesome savings on luxury goods and services I’d normally ignore, or would have never known existed. A $225 spa treatment marked down to $100 most definitely puts the chim chim che-ree back in my step, and the daily thrill of bargain hunting keeps me hooked. Try it for yourself, perhaps you’ll become a fellow Groupie?